Mike Saul, Head of Hospitality and Leisure at Barclays Corporate comments on today's ONS Travel and Tourism figures:
“Consumer confidence remains fragile, and today’s decline in outbound travel numbers highlights the tough time many households are having with the threat of recession looming on the horizon. The popularity of staycations is growing as discretionary spend continues to be reined in, but is helping to boost sales for UK holiday villages as families choose to stay closer to home, avoiding airport taxes, weak exchange rates as well as the risk of industry strikes.
“The ongoing Eurozone crisis is likely to further dampen confidence, but may result in some last minute deals for those travellers willing to shop around. There is hope that European travellers will look to the UK for bargains as sterling remains weak, and will boost inbound figures in the run up to Christmas.”